In this blog Harry Pierson's sets out the IronPython teams plans, which include:

Pushing out a new 1.1.2 release in the coming weeks, the last planned released of the 1.X (pre-Dynamic Language Runtime) branch of IronPython

Getting IronPython 2 (currently still in beta) completed by the end of the year. IronPython 2 targets compatibility with CPython 2.5.

Python 2.6 support (both language and library compatibility) will come sometime in the IronPython 2.1 lifecycle. Along with this will be Visual Studio integration.

An IronPython 3 that will target Python 3.

Harry also talks about the hoops he is jumping through to get the Microsoft lawyers to sign off on IronPython accepting contributions back from the community (and being able to do things like ship the Python standard library with IronPython distributions).

Much good news, although I wonder if the IronPython team will be willing to continue active development of IronPython 2.X and 3.X as the CPython development team intend to. It will probably be several years before the majority of the Python community has switched over to Python 3.